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Glossary
Claims

Payment on account

Also: Advance · Minimum amount

Amount that the insurer must pay within forty days following the report, corresponding to the minimum amount that may be owed according to the known circumstances.

In practice

It does not require the file to be closed or the parties to agree on the total. In a production stoppage, this advance is what sustains the reconstruction while the rest is discussed.

Where it is addressed

This term is covered in Siniestros and applies when taking out Gestión de Siniestros.

Related terms

Insurer's default interestSurcharge imposed by law on the insurer who does not pay or deposit the compensation on time: the legal interest increased by fifty percent and, after two years, never less than twenty percent.Loss of profitsGuarantee that compensates the margin the company fails to obtain while it cannot operate due to a covered material damage.ClaimEvent foreseen in the policy whose occurrence gives rise to the obligation to indemnify. The insured must report it within seven days of becoming aware of it.Mitigation of damageObligation of the insured to take measures to reduce the consequences of the claim.Legal defenceGuarantee that covers the costs of lawyer, solicitor, and experts to defend the insured or claim on their behalf.Contradictory appraisalProcedure provided by law when the insured and insurer disagree on the valuation: each party appoints an expert and, if there is no agreement, a third is appointed.
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